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  • 1
    Online Resource
    Online Resource
    Breaking the shackles : zombie firms, weak banks and depressed restructuring in Europe (2017)
    Paris : OECD Publishing
    Details
    UID:
    gbv_1019724072
    Format: 1 Online-Ressource (circa 39 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1433
    Content: This paper explores the connection between “zombie” firms (firms that would typically exit in a competitive market) and bank health and the consequences for aggregate productivity in 11 European countries. Controlling for cyclical effects, the results show that zombie firms are more likely to be connected to weak banks, suggesting that the zombie firm problem in Europe may at least partly stem from bank forbearance. The increasing survival of zombie firms congests markets and constrains the growth of more productive firms, to the detriment of aggregate productivity growth. Our results suggest that around one-third of the impact of zombie congestion on capital misallocation could be directly attributed to bank health and additional analysis suggests that this may partly be due to reduced availability of credit to healthy firms. Finally, improvements in bank health are more likely to be associated with a reduction in the prevalence of zombie firms in countries where insolvency regimes do not unduly inhibit corporate restructuring. Thus, leveraging the important complementarities between bank strengthening efforts and insolvency regime reform would contribute to breaking the shackles on potential growth in Europe.
    Note: Zusammenfassung in französischer Sprache
    Language: English
    Keywords: Amtsdruckschrift ; Graue Literatur
    DOI: 10.1787/0815ce0c-en
    URL: Volltext  (lizenzpflichtig)
    URL: Volltext  (lizenzpflichtig)
    URL: lizenzpflichtig
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    Stabi Berlin
    UB Potsdam
  • 2
    Online Resource
    Online Resource
    Breaking the Shackles : Zombie Firms, Weak Banks and Depressed Restructuring in Europe (2017)
    Paris : OECD Publishing
    Details
    UID:
    b3kat_BV047933398
    Format: 1 Online-Ressource (38 Seiten)
    Series Statement: OECD Economics Department Working Papers
    Content: This paper explores the connection between "zombie" firms (firms that would typically exit in a competitive market) and bank health and the consequences for aggregate productivity in 11 European countries. Controlling for cyclical effects, the results show that zombie firms are more likely to be connected to weak banks, suggesting that the zombie firm problem in Europe may at least partly stem from bank forbearance. The increasing survival of zombie firms congests markets and constrains the growth of more productive firms, to the detriment of aggregate productivity growth. Our results suggest that around one-third of the impact of zombie congestion on capital misallocation could be directly attributed to bank health and additional analysis suggests that this may partly be due to reduced availability of credit to healthy firms. Finally, improvements in bank health are more likely to be associated with a reduction in the prevalence of zombie firms in countries where insolvency regimes do not unduly inhibit corporate restructuring. Thus, leveraging the important complementarities between bank strengthening efforts and insolvency regime reform would contribute to breaking the shackles on potential growth in Europe
    Language: English
    DOI: 10.1787/0815ce0c-en
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (URL des Erstveröffentlichers)
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    FU Berlin
    EUV Frankfurt
  • 3
    Online Resource
    Online Resource
    Virtually everywhere? : digitalisation and the euro area and EU economies : degree, effects, and key issues (2020)
    Frankfurt am Main, Germany : European Central Bank
    Details
    UID:
    gbv_172505549X
    Format: 1 Online-Ressource (135 Seiten) , Illustrationen, Diagramme
    ISBN: 9789289942508
    Series Statement: Occasional paper series / European Central Bank no 244 (June 2020)
    Content: Digitalisation can be viewed as a major supply/technology shock affecting macroeconomic aggregates that are important for monetary policy, such as output, productivity, investment, employment and prices. This paper takes stock of developments in the digital economy and their possible impacts across the euro area and European Union (EU) economies. It also compares how these economies fare relative to other major economies such as that of the United States. The paper concludes that: (i) there is significant country heterogeneity across the EU in terms of the adoption of digital technologies, and most EU countries are falling behind competitors, particularly the United States; (ii) digitalisation is affecting the economy through a number of channels, including productivity, employment, competition and prices; (iii) digitalisation raises productivity and lowers prices, similarly to other supply/technology shocks; (iv) this has implications for monetary policy and its transmission; and (v) structural and other policies may need to be adapted for the euro area and EU countries to fully reap the potential gains from digitalisation, while maintaining inclusiveness.
    Language: English
    Keywords: Graue Literatur
    DOI: 10.2866/339471
    URL: kostenfrei
    URL: kostenfrei
    URL: kostenfrei
    Author information: Morgan, Julian
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    Stabi Berlin
  • 4
    Online Resource
    Online Resource
    Economic structures 20 years into the euro (2019)
    Frankfurt am Main, Germany : European Central Bank
    Details
    UID:
    gbv_1668075172
    Format: 1 Online-Ressource (76 Seiten) , Illustrationen, Diagramme
    ISBN: 9789289936897
    Series Statement: Occasional paper series / European Central Bank no 224 (June 2019)
    Content: Well-functioning economic structures are key for resilient and prospering euro area economies. The global financial and sovereign debt crises exposed the limited resilience of the euro area’s economic structures. Economic growth was masking underlying weaknesses in several euro area countries. With the inception of the crises, significant efforts have been undertaken by Member States individually and collectively to strengthen resilience of economic structures and the smooth functioning of the euro area. National fiscal policies were consolidated to keep the increase in government debt contained and structural reform momentum increased notably in the second decade, particularly in those countries most hit by the crisis. The strengthened national economic structures were supported by a reformed EU crisis and economic governance framework. However, overall economic structures in euro area countries are still not fully commensurate with the requirements of a monetary union. Moreover, remaining challenges, such as population ageing, low productivity and the implications of digitalisation, will need to be addressed to increase economic resilience and long-term growth.
    Language: English
    Keywords: Graue Literatur
    DOI: 10.2866/32344
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Fulltext
    Stabi Berlin
  • 5
    Online Resource
    Online Resource
    The distribution of excess liquidity in the euro area (2017)
    Frankfurt am Main, Germany : European Central Bank
    Details
    UID:
    gbv_1004844956
    Format: 1 Online-Ressource (circa 47 Seiten) , Illustrationen
    ISBN: 9789289928625
    Series Statement: Occasional paper series / European Central Bank no 200 (November 2017)
    Content: Since 2008, excess liquidity - defined as the sum of holdings of central bank reserves in excess of reserve requirements and holdings of equivalent central bank deposits - has tended to accumulate in specific euro area countries and in a small, slowly changing group of credit institutions. Despite the stability of the concentration of excess liquidity in specific countries over time, the relevance of individual drivers has changed. First, risk aversion has played a much smaller role in explaining the concentration since 2013 than it did at the time of "flight-to-quality" phenomena in the period 2010-12. Second, the location of the relevant market infrastructures (i.e. central securities depositories, securities settlement systems and TARGET2 accounts) used by counterparties that sold assets to the Eurosystem has been a more important driver directing flows in the period 2015-16. In addition, the more recent concentration of excess liquidity is explained by the combination of a number of factors, such as banks following strict internal credit limits, investment incentives created by yield differences across the euro area and the "home bias" in euro area government bond holdings. Overall, the net cross-border flows of liquidity that resulted also determined TARGET2 balances. At the individual bank level, when controlling for banks' capital, non-performing loans, credit risk and profitability, excess liquidity holdings in relation to total assets are found to be higher for smaller and better-capitalised banks, and for banking groups with liquidity centralised at the head institution. In addition, participation in Eurosystem longer-term refinancing operations and deposit inflows are associated with liquidity accumulation. Finally, new regulatory initiatives such as the liquidity coverage ratio are explained to be creating incentives to hold or not to distribute liquidity, thereby affecting its distribution.
    Language: English
    Keywords: Graue Literatur
    DOI: 10.2866/917991
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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    Stabi Berlin
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